US STOCKS-Futures rise as investors focus on Fed, shrug off oil

Aug 23 (Reuters) - U.S. stock index futures were higher on
Tuesday as investors shrugged off a drop in oil prices and
awaited Federal Reserve Chair Janet Yellen's speech this week
for clues on the next interest rate hike.

* As the U.S. earnings season winds down, investors are
focusing on the annual meet of global central bankers at Jackson
Hole, Wyoming, from Thursday, for clues on the health of the
global economy and Yellen's stand on raising rates.

* Yellen is scheduled to speak on Friday and will use the
opportunity to either support or dismiss the perceived hawkish
stand that Fed policymakers have taken in recent days.

* Various officials, including Vice Chairman Stanley
Fischer, have hinted that a rate hike in the coming months was
possible.

* Traders' bets of a rate hike in September stand at 15
percent, and rise to 40 percent for December, according to the
CME Group's FedWatch tool.

* Data due Tuesday is expected to show new home sales fell 2
percent to a 580,000-unit pace in July compared with June. The
data is scheduled to be released at 10:00 a.m. ET (1400 GMT).

* Oil prices were off about 1 percent as worries of
oversupply trumped hopes of an output freeze. However, the
decline was less severe than the 3.4 percent slide on Monday.
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